80pc of UAE residents recommend their bank: study

DUBAI, April 25, 2018

About 80.7 per cent of UAE residents would recommend their bank to others, while 76.4 per cent would recommend their car insurer to others, according to a survey conducted by yallacompare, a leading comparison site in the Middle East.

The survey, conducted as part of the yallacompare Banking and Insurance Awards 2018, sought to ascertain the leading banks and financial products in the UAE by popular vote, and was taken by over 5,100 UAE residents. Awards were handed out recently at a glittering ceremony held at the Capital Club, Dubai.

According to the results of the survey, just under 10 per cent said they would not recommend their bank to others – an improvement on the survey results collected for the yallacompare Banking Awards 2017, in which 12 per cent said they would not recommend their bank to others.

“With the amount of research we do, and our direct contact with consumers, we’re incredibly well placed to work out how Middle Eastern customers perceive their financial providers,” said Jon Richards, CEO of yallacompare.

“I’m pleased to report that, on the whole, the UAE’s banks and insurance companies continue to enjoy high levels of customer satisfaction. We’re looking forward to further deepening our partnerships with these institutions so that, together, we can bring greater value to Middle Eastern consumers.”

The survey quizzed respondents on what they deem to be the nation’s best financial and insurance products, providing the basis for the results of the yallacompare Banking and Insurance Awards 2018. This follows on from the first large survey that yallacompare conducted last year, which polled 3,500 UAE residents on their preferred banks. This year, the survey was widened to include categories for insurers as well, given that yallacompare is, by some margin, the largest online seller of insurance products in the UAE.

In the insurance categories, RSA picked up the award for General Insurer of the Year, while Noor Takaful was named Takaful Provider of the Year. Daman picked up the award for Health Insurer of the Year, and Adamjee Insurance scooped the Breakthrough Insurer of the Year prize.

Watania was named Most Progressive Insurer, and the Most Policies Sold award, based on the number of policies sold through yallacompare, went to Union Insurance. Finally, i-Insured picked up the Insurance Innovation of the Year award for its WhatsApp claims service.

In the credit card categories, it emerged that airline co-branded products once again proved popular with consumers. The Emirates-Citibank Ultimate Card was voted as Air Miles Credit Card of the Year, building on the success seen by the Emirates-Citibank Ultima Card, which picked up the same award last year. And in the Debut Credit Card of the Year category, open to credit cards launched last year, First Abu Dhabi Bank’s Etihad Guest Platinum Card picked up the win.

In terms of cashback credit cards, users unsurprisingly voted for the cards that gave them the largest sums of cashback. Standard Chartered’s Titanium Card was named winner for the second year in a row, thanks largely to the fact that it offers a market-leading 10 per cent cashback on a variety of purchases.

Likewise, rewards figured highly in the mortgage and Islamic home finance categories, with RakBank’s Home In One and DIB’s DIB Home products both bagging honours in their respective categories for the second year running. As opposed to being standard, long-term home loans, these products offer complete personal finance packages that allow borrowers to earn benefits from their mortgage repayments.

yallacompare’s comprehensive survey also polled respondents on general satisfaction levels. The results found that 83.4 per cent of UAE residents are either ‘very satisfied’ or ‘satisfied’ with their bank, and 78.1 per cent are either ‘very satisfied’ or ‘satisfied’ with their insurer.

The UAE’s banks and insurers also scored highly on brand perception. Over 75 per cent of respondents said they had a favourable view of their bank’s brand, and over 72 per cent said the same for their insurer.

The yallacompare Banking Awards were founded in 2017 to recognise the efforts made by UAE banks in providing high-quality banking services. In 2018, insurance categories were added as well. With 21 categories in total, the awards are an opportunity for UAE banks and insurers to celebrate their achievements in creating and maintaining solid products that deliver outstanding value and high levels of customer satisfaction. – TradeArabia News Service